Core Insights - The "2025 Northeast Asia International Consumer Goods Expo" held in Shenyang from June 20 to 23 showcased a vibrant array of consumer brands and products, highlighting the region's potential in the consumer market [1][4]. Exhibition Overview - The expo featured an exhibition area of 85,000 square meters, hosting over 800 domestic and international consumer brands, creating a shopping paradise for attendees [3]. - Various themed areas included fashion, beauty, food, home goods, and technology, catering to diverse consumer interests [3]. Fashion and Beauty - The fashion section displayed international and domestic brands, with models showcasing the latest trends, while the beauty area offered a wide range of cosmetics and skincare products for attendees to try [3]. Food and Beverage - The food section highlighted local Northeast specialties such as Shenyang's "Bulao Lin" candy and Harbin's red sausage, alongside international cuisines like Japanese sushi and Korean kimchi, attracting food enthusiasts [3]. Home and Technology - The home goods area featured smart home products and elegant tableware, reflecting modern living standards, while the technology section presented cutting-edge electronic products, drawing interest from tech enthusiasts [3]. Regional Impact - The expo served as a platform for Northeast products to gain visibility and foster collaboration opportunities, enhancing the region's appeal in the consumer market [4]. - The event is expected to pave the way for more exhibitions in Northeast China, promoting regional culture and products to a broader audience [4].

证券研究报告 2025/06/23 1 三大投资主线： 龙头。 风险提示：国内外需求波动的风险、行业竞争加剧、汇率波动风险、关税风险 2 家电新消费：看好新产品形态、新行业阶段两类投资机会。1、新产品形态：重点看好极具成长潜力的手持智能影像赛道；2、 新行业阶段：看好高成长潜力+国产品牌全球份额快速扩张的扫地机板块。 家电新制造：看好主业基本面扎实，布局机器人方向的优质企业。 业绩稳健增长的黑白电龙头：1、看好高股息+业绩稳定性高的白电龙头。2、看好产品结构升级带动利润率持续改善的黑电 3 板块复盘 4 -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 有色金属 银行 传媒 美容护理 汽车 医药生物 机械设备 农林牧渔 环保 基础化工 国防军工 计算机 通信 纺织服饰 综合 轻工制造 社会服务 钢铁 公用事业 电子 交通运输 石油石化 家用电器 建筑材料 非银金融 建筑装饰 电力设备 商贸零售 食品饮料 房地产 煤炭 -10.00 -5.00 0.00 5.00 10.00 15.00 白色家电 黑色家电 小家电 厨卫电器 照明设备Ⅱ 家电零部件Ⅱ 绝对涨跌幅（% ...

Core Viewpoint - The article discusses the transformation of the consumer landscape in China, highlighting the shift from traditional brands to domestic brands driven by the new generation of consumers, particularly the Z generation, who prioritize practicality and value over brand prestige [3][4]. Group 1: Key Trends in New Consumption - The new consumption trend is characterized by a collective disillusionment with foreign brands, as consumers increasingly favor domestic products that offer better value for money [6][7]. - The rise of domestic brands is not driven by nationalism but by a rationalist approach to consumption, leading to a K-shaped differentiation among domestic brands, where innovative brands thrive while traditional ones decline [12][13]. - The automotive industry is witnessing a significant shift towards domestic electric vehicles, with domestic brands capturing over 60% of the market share by 2024, driven by advancements in technology and consumer preferences [9][10]. Group 2: Changes in Consumer Behavior - New consumers are increasingly focused on self-satisfaction, leading to a redefinition of social interactions and consumption patterns, where personal happiness takes precedence over societal expectations [28][32]. - The tourism industry is experiencing a boom, with record-high participation rates, reflecting the desire for personal experiences despite economic constraints [30][32]. - The rise of the "single economy" and "宅经济" (home economy) is reshaping consumer demands, with a preference for personalized, convenient products and services [34][35]. Group 3: Channel Dynamics - Traditional retail channels are rapidly declining as new consumption models emerge, exemplified by the success of snack wholesale stores that offer lower prices and a wider variety of products [20][23]. - The shift towards instant retail is gaining momentum, with projections indicating that the market will exceed 1 trillion yuan by 2025, highlighting a significant change in consumer purchasing behavior [36][37]. - The article emphasizes the need for brands to adapt to the changing landscape, as traditional strategies become less effective in the face of evolving consumer preferences [27].

以下文章来源于电商天下 ，作者清清 电商天下 . 300 万电商社区平台。电商风向标，报道天下势 作者：清清 报道：电商天下 01 雪糕刺客，跌落神坛 钟薛高一定没有想到，当初痛击消费者钱包的子弹，会在五年之后正中自己的眉心。 近日 ，一则破产审查信息悄然登上热搜，让沉寂许久的钟薛高再次成为公众关注的焦点。 据天眼查 APP 显示，钟薛高旗下的钟茂 （上海） 食品科技有限公司被债权人上海安得列郎晴食品 贸易有限公司申请破产清算。 理由是" 无法清偿到期债务，且明显缺乏清偿能力 "。 ---------------------------------- 图源：36氪 如果不出意外，法院将在无有效异议情况下裁定受理 ， 这也意味着，钟薛高正式走到了破产的门 槛。 事实上， 在过去三年里，这个曾 被称为 "雪糕中的爱马仕"的网红品牌，一直在为一个逐渐崩解的 商业逻辑付出代价。 如今子公司破产，不过是这艘"高价游轮"触礁搁浅前的一声警笛。 2018年成立后，它凭借瓦片造型和"贵得有理"的市场定位成功出圈，主打产品动辄十几元、顶配 版更高达88元。 彼时，首年营收破亿的钟薛高， 很快 便 杀入天猫双11冰品类目榜首， ...

Core Viewpoint - The article highlights the contrasting performance of traditional high-end liquor brands like Moutai, which are struggling, versus the rising success of new consumer brands such as Pop Mart, Mixue Ice City, and Laopu Gold, which are thriving in the current market environment [1][18]. Group 1: Company Performance - Pop Mart has achieved a market valuation close to HKD 300 billion, driven by its successful LABUBU plush toy line and a comprehensive IP ecosystem that includes original IP incubation and a blind box mechanism [3][10]. - Mixue Ice City has over 46,000 stores globally, with annual revenue exceeding CNY 24.8 billion and net profit over CNY 4.4 billion, focusing on affordable pricing and quality [4][10]. - Laopu Gold reported sales of CNY 9.8 billion in 2024, a 166% year-on-year increase, with net profit rising by 254% to CNY 1.47 billion, targeting a younger demographic with culturally rich gold jewelry [5][10]. Group 2: Business Strategies - Pop Mart's strategy involves creating a complete IP incubation system and product lifecycle management, moving beyond just selling blind boxes to a broader range of products [7][14]. - Mixue Ice City emphasizes a strong supply chain and low-cost entry for franchisees, allowing for rapid expansion and high turnover in the beverage market [10][14]. - Laopu Gold differentiates itself by combining traditional craftsmanship with modern aesthetics, positioning itself in high-end shopping districts and appealing to a younger, fashion-conscious audience [15][16]. Group 3: Market Trends - The article notes a shift in consumer preferences, with younger consumers favoring products that offer emotional value and social currency, as seen in the success of the new consumer brands [9][18]. - The traditional high-end liquor market is experiencing a downturn, with brands like Moutai facing challenges due to changing consumer habits and a decline in the "banquet culture" [18][19]. - The new consumer brands are capitalizing on the demand for affordable, trendy, and culturally relevant products, indicating a significant transformation in the consumption landscape [1][19].

今年以来，由潮玩IP、国潮黄金、宠物经济、新茶饮引发的新消费投资潮日益火热。尤其是 二季度以来，多家新消费企业股价涨幅超30%，吸引了上百家公募基金、保险资管、外资等 机构投资者多次调研。 新消费企业被密集调研 今年以来，新消费龙头股表现亮眼， 泡泡玛特 、 老铺黄金 、 中宠股份 等股价走势强劲， 多家新消费企业迎来机构投资者的密集调研。 例如，4月中旬以来国际金价高位波动，潮宏基、周大生等被机构广泛关注。二季度以来，潮 宏基被178家机构合计调研3次，其中包括39家公募基金、7家保险公司及保险资管公司，以 及9家外资机构。二季度以来，潮宏基股价涨幅为74.71%，近一年来涨幅达183.42%。 潮宏基 旗下有"CHJ潮宏基""VENTI梵迪"及"FION菲安妮"等品牌，业务收入以黄金、时尚珠 宝和女包为主。2024年，潮宏基加盟门店逆势增长。2025年，潮宏基推进品牌"出海"业务， 在柬埔寨金边永旺商场、西港Umall商场开设门店，为其品牌的国际化战略布局奠定基础。 周大生 吸引了216家机构调研，合计调研14次，其中包括45家公募基金、11家外资机构、 15家保险公司及保险资管公司。6月19日，周大生发 ...

大会现场 本届行业盛会由中国世界贸易组织研究会新型消费研究委员会指导，候普传媒主办，上壹策划承办，以及世界个人品牌实验室、索益然咨询顾问等多家知 名机构参与协办，旨在通过三天的密集交流与分享，深入探讨新消费领域的前沿趋势，挖掘潜在商机，推动整个业界向更高品质、更可持续的发展方向迈 进。 韩金明董事长出席大会开幕式启动仪式 2025年6月17日—19日，以"焕——新政·新法·新生"为主题的2025年度新消费创客嘉年华暨第十八届世界直销品牌节，在充满创新与机遇的江城武汉举行。 和治友德韩金明董事长作为本次大会的轮值主席受邀出席本次盛会。本次大会上，天津和治友德制药有限公司上榜"2025世界直销品牌影响力100榜 单"（第16名），并获得"2025新消费年度影响力企业""2025新消费全球化焕新先锋"奖项，和治友德牌便携舒络仪获"2025新消费年度科创焕新产品"荣 誉。 韩金明董事长被特聘为新消费品牌节委员会轮值主席 韩金明董事长作为本届大会轮值主席，以"凝聚力量焕新发展，携手共创和美世界"为题做大会主题致辞，从国内形势、国际趋势、数字化时代三个方面阐 释了"焕新"的时代背景；从创业者与创业平台焕新、产品与服务焕新 ...

以下文章来源于一财商学 ，作者Yicai商学 一财商学 . 一财商学院定位于"全域数字商学院"，面向企业客户，提供覆盖企业全生命周期、全平台经营、全组织 学习、全链路运营的知识服务，助推企业数字化成长。 来源丨一财 商学 （ yicai_shangxue01 ） 作者丨吴羚玮 今年港股的主题，大概又回到了消费上。 因为年内股价平均涨幅超200%， 总市值超7000亿港元 ，泡泡玛特、老铺黄金和蜜雪冰城，被股民 们攒到一起，并称「新消费三杰」。过去几个月，从老铺黄金的排队热，到蜜雪冰城找雪王敲钟，再 到Labubu统一了海内外明星、网红与素人的审美——它们在刷屏媒体头条的同时，实实在在收获了 公司业绩与投资市场的增长。 分别占住了效率 情感和文化三端 老铺黄金2024年上市，蜜雪冰城2025年3月上市，整体走势大幅上扬，只有2020年底上市的泡泡玛 特跑过了一个"小周期"： 上市即巅峰，新股认购超356倍、开盘市值破千亿港元，缔造了2020年最夸张的IPO故事；2021年 后， 市场对其商业模式的质疑以及业绩增长的不确定性中，泡泡玛特股价一路下挫，甚至在2022年 10月跌至10港元以下，市值较巅峰时期缩水超9 ...

Group 1: Swine Industry - The swine industry is expected to maintain growth in hog output until at least September 2025, but overall hog prices are projected to remain under pressure, leading to a potential decline in profitability for the industry [1] - The number of breeding sows has started to decline since December 2024, with a slight increase in February 2025, and a 1.03% decrease in April 2025 compared to the peak in 2024, indicating a low overall capacity reduction in the industry [1] - The price of piglets has begun to decline since May 2025, which may prompt breeding farms to actively cull sows, leading to an expected simultaneous drop in hog and piglet prices in the second half of the year [1] Group 2: Feed Industry - China's feed production reached 10.3 million tons from January to April 2025, a year-on-year increase of 11%, driven by the recovery in hog stocks, increased aquaculture, and stable poultry stocks [2] - Vietnam's animal feed production also saw growth, with a total output of 4.72 million tons (up 7.69% year-on-year) and aquaculture feed production of 2.84 million tons (up 8.37% year-on-year), indicating a robust demand for feed [2] - The growth in livestock and aquaculture stocks, along with increased feed penetration rates, suggests that Chinese feed companies are likely to experience good growth opportunities abroad [2] Group 3: Pet Industry - The export of pet food from China has been growing, with a total export volume of 110,200 tons from January to April 2025, representing a year-on-year increase of 16%, and an export value of 3.22 billion yuan, up 6% [3] - Domestic consumption of pet food remains strong, with online sales of cat and dog food reaching 9.05 billion yuan from January to April 2025, reflecting a year-on-year increase of 17% [3] - The chain rate of pet hospitals in China is still relatively low compared to developed countries, indicating potential for improvement in this area [3]

证券研究报告·宏观报告·宏观点评 宏观点评 20250623 防御在前，反攻在后 2025 年 06 月 23 日 [Table_Tag] [Table_Summary] 观点 ◼ 海外波动加剧 中美关系的缓和与反复：虽然近期特朗普的关税政策有所缓和，但未来 仍存在继续加码的可能。关税是当初特朗普竞选总统时的重要承诺之 一，未来为了保证共和党在中期选举的席位，特朗普对待关税的始终摇 摆不定，通过反复的关税政策营造一种正在努力为铁锈区选民争取福利 的假象。向前看，尽管当期关税政策阶段性缓和，中美双方在技术、产 业政策和国家安全等领域的深层次分歧仍未解决，叠加特朗普反复无常 的关税政策，未来中美关系依旧面临较高的不确定性。 伊以冲突扩散引发全球地缘政治风险加剧：近期，以色列与伊朗之间的 冲突再度升级，成为全球关注的焦点。6 月 13 日开始，以色列对伊朗境 内的核设施和军事目标实施了大规模打击，此次冲突是 1979 年伊朗伊 斯兰革命以来双方最大规模直接军事对抗。以色列意图瘫痪伊朗核潜 力，伊朗则转向打击以经济命脉及领导层目标。至 6 月 21 日，美国空 袭伊朗三处核设施，进一步扩大了战争范围。在持续的打击下， ...